The Federal Bureau of Investigation, along with several local agencies, believes it will find information that connects Waverly Media, a bus-stop bench advertising firm, and its employees to a $50 million mortgage scheme.

Investigators did not immediately take anyone into custody, but they said the documents may prove several people involved in the business defrauded banks into giving them mortgages.

WESH 2 News is not naming anyone involved in the investigation because no one was arrested Thursday morning.

Agents said the victims in this case are not only the defrauded banks but taxpayers as well, because these type of schemes helped lead to the economic downfall that prompted big bailouts.

Waverly Media is in the outdoor advertising business, but federal agents said operators consolidated other businesses, including a property business and title company.

Investigators said they believe the evidence will implicate the business in falsifying information about buyers who would otherwise be unqualified for a mortgage to obtain pricey ocean and riverfront homes.

The FBI has been investigating Waverly for three years, and Thursday's raid was the first public action.

Employees from other businesses in the industrial area on Dairy Circle were stunned as a swarm of agents, officers from Daytona Beach Shores with the mortgage fraud task force, and those with the division of financial services descended on the business.

"Actually I thought my boss was lying to me when he came in and said everybody was out here," said Kelly Roberts. "I had no idea."

The FBI investigation remains ongoing. Investigators said it may be weeks before anyone is charged.